Asking prices for houses in England and Wales flatlined in September for the first time in 19 months, according to a survey on Friday that showed a small fall in prices in London.
Property data company Hometrack said house prices stagnated in September for the first time since January 2013, after rising 0.1 percent in each of the previous two months. London was the only region in which house prices fell – by 0.1 percent – with fewer than 1 percent of London postcode districts reporting higher prices.
The survey is the latest sign that Britain’s housing market has cooled after strong house price growth in the first half of this year, hit in part by tougher checks on mortgage applicants and more sellers putting their properties on the market. “While this slowdown can be attributed partly to seasonal factors – including a slight hangover from a slow August – it’s clear that agents are wary about the direction of the market as a result of weaker demand and lower sales volumes,” said Richard Donnell, Hometrack’s director of research.
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